Social capital's rise in popularity is a phenomenon many have noted (Kadushin, 2006; Warde and Tampubolon, 2002; Portes, 1998). Although the concept is a relatively old one, it is the works of Bourdieu (1986), Coleman (1988; 1990), and Putnam (1993, 2000) that often get credited for popularizing the concept. These three, while sharing a view that social networks are important for social groups and society, place differing levels of emphasis on the role of networks in building trust or the exchange of various types of resources. In this paper, I briefly revisit these three theorists, and the criticisms each have received, to provide background for discussing recent research on social capital from a social networks approach. The social network approach is then applied to my own case study looking at the relations among not-for-profits, and special attention is given to the unique context of not-for-profits, and how this context might elaborate or challenge current thoughts on social, aka ‘network’ capital. A final discussion is also given to some measurement problems with the network approach to social capital.